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What's trending
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ISCA Comments on IAASB’s Exposure Draft (ED): Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project
The proposed amendments address recent revisions to the IESBA Code concerning the use of the work of an external expert. We agree with the proposed amendments to align the IAASB standards to the IEBSA Code, but highlighted concerns over challenges in obtaining the necessary information on financial interests, relationships and independence from external experts, who may not be subjected to the IESBA Code.
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ISCA Issues Audit Bulletin (AB) 7 Considerations over External Confirmation Procedures
ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including: • Obtaining confirmation from a bank in a foreign jurisdiction • Obtaining confirmation on escrow accounts • Relying on a confirmation for the valuation of investments in unquoted funds
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ISCA Issues Audit Bulletin (AB) 6 Key Revisions to Group Audits - SSA 600 (Revised)
ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes to SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and provide guidance to address implementation challenges, including applying the new risk-based approach in planning and performing a group audit engagement.
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ISCA Issues Audit Bulletin (AB) 5 Reporting on Grants and Incentive Schemes - Considerations for Government Agencies
To support government agencies in establishing reporting requirements for grants and incentive schemes, ISCA developed AB 5 to raise awareness on the different frameworks available for such reporting. AB 5 is also useful to practitioners in better understanding grants reporting under the various frameworks.
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ISCA Issues Audit Bulletin (AB) 4 Non-Consolidation of Subsidiaries - Considerations for the Auditor’s Report (AB 4)
This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)
Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.
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Due Process
The standard-setting process of ISCA is robust and essentially one that draws from the resources of the IAASB.
Standards & Guidance
ISCA's pronouncements relating to auditing and assurance govern audit, review, other assurance and related services engagements.
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Open for Comments
Read about proposed changes to the auditing and assurance standards in Singapore and our views on them!
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Resources
ISCA supports the profession by providing a wide range of resources on various audit and assurance topics.
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News & events
Latest updates on local and international developments!